Overfunded Plans Can Face ERISA Suits, Feds Tell High Court
By Danielle Nichole Smith (September 19, 2019, 7:37 PM EDT) -- The Employee Retirement Income Security Act allows for claims against pension plans that are overfunded, the federal government told the U.S. Supreme Court, weighing in on a battle between U.S. Bank and retirees looking to revive their suit against a plan that's now in the black.
In an amicus brief Wednesday, U.S. Solicitor General Noel J. Francisco urged the nation's highest court to overturn an Eighth Circuit decision in the retirees' case holding that workers can't sue fully funded pension plans for fiduciary breaches under ERISA. The federal government noted, however, that it isn't taking a stance on whether the retirees can show...
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